Samsung earnings soar
Samsung Electronics has seen its earnings soar as sales were boosted by millions working and learning from home during the virus pandemic.
The world’s largest maker of smartphones said second-quarter operating profits rose 23 per cent compared to last year.
The results were helped by strong demand for computer chips, which pushed up prices on the global market.
Data centres have expanded capacity to support homeworking and schooling.
“The Memory Business saw robust demand for cloud applications related to remote working and online education as the impact from COVID-19 continued, while demand for mobile was relatively weak,” the South Korean company said in a statement.
“Many enterprises are moving their operations to the cloud, and the server computing segment is on the rise,” Prachir Singh, a senior analyst at Counterpoint market research firm said.
Samsung, which is set to launch its new Galaxy Note and Galaxy Z Fold handsets, also predicted that the market for smartphones will improve in the coming months as well as seeing it becoming increasingly competitive.
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